1) Which of the statements below is false? a) Raw materials are components used in the production of end products. b) The plastics manufacturing industry utilizes a variety of raw materials. c) The types of raw materials used is independent of the type of plastic end product being produced.  d) Common raw materials used in the plastics manufacturing industry include Polyethylene (PE). 2) To ensure you have an adequate supply of raw materials, you will have to work closely with and collaborate well with suppliers. a) True b) False 3) Which term best fits this definition? Refers to products in the process of being manufactured and which have not reached completion. Partially finished products. a) Raw Materials b) Work-in-Progress (WIP) 4) Monitoring finished goods helps prevent stock outs which may result in lost sales. a) True b) False 5) Process that involves overseeing the flow of raw materials, work-in-progress (WIP), and finished goods. a) Inventory Level Management b) Warehousing c) Inventory management 6) Inventory Management is important  a) For maintaining optimal production levels b) Minimizing costs and waste c) Maximizing profitability d) Meeting customer demand e) All options are correct 7) Plastics can be sensitive to environmental conditions ( for example, temperature). a) True b) False 8) Demand forecasting does not impact production schedules or inventory levels. a) True b) False 9) An accurate inventory tracking system enables manufacturers to make informed decisions about production and purchasing. a) True b) False 10) Real-time tracking systems help monitor the movement of raw materials and finished products throughout the manufacturing process. a) True b) False 11) Barcode scanning is a more complex real-time system than Radio Frequency Identification (RFID). a) True b) False 12) Inspecting and ensuring the quality of both raw materials and finished products is crucial in the plastics industry. a) True b) False 13) A low turnover ratio means inventory is moving quickly from production to shipping. a) True b) False 14) Method used that ensures oldest inventory items are used or sold first, reflecting a chronological order of stock consumption. a) FIFO (First In, First Out) Principle b) LIFO (Last In, First Out) Principle.

Inventory Management

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